Providence-based RBS Citizens Financial Group’s failure to meet some requirements of the Federal Reserve’s “stress test” for financial institutions has been downplayed by the bank and some analysts who don’t see it significantly impacting the bank’s announced 25 percent initial public offering later this year.
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Bank of America Corp., the second-biggest U.S. bank, raised its quarterly dividend to 5 cents a share and dropped plans to buy back stock after the Federal Reserve approved its resubmitted capital plan for 2014.
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(Updated, 1 p.m.)
Bank of America Corp. agreed to pay about $16.7 billion to end federal and state probes into mortgage bond sales, the harshest penalty yet related to loans that fueled the 2008 financial crisis.
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Fannie Mae and Freddie Mac will let borrowers who have gone through foreclosure buy back their homes at market prices under a policy shift announced by the regulator for the two U.S.-owned companies, Bloomberg News reported.
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